IRIS Accounts Production v24.2.0.383 06447697 Board of Directors 1.2.23 31.1.24 31.1.24 design and supply of mens fashion true true false true true false false false true false Ordinary 1.00000 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REGISTERED NUMBER: 06447697 (England and Wales)












Luke Roper Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2024






Luke Roper Limited (Registered number: 06447697)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


Luke Roper Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: S J Poole
Mrs D Poole
L J Roper





SECRETARY: Mrs D Poole





REGISTERED OFFICE: Lukesville
Furze Grounds Farm
Marsh Gibbon Road
Marsh Gibbon
Oxfordshire
OX27 0AQ





REGISTERED NUMBER: 06447697 (England and Wales)





AUDITORS: Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

Luke Roper Limited (Registered number: 06447697)

Strategic Report
for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS
The cost of living crisis and high interest rate continues to have an impact. While Group revenue decreased by 5.5% to £16.2m net profits remained at £1m.

Overhead costs have remained inline with previous year , however margins have improved by 2.8%. This is due to improvements implemented in the previous year, relating to sourcing and stock deliveries.

Inflation has fallen over the last two years to single digits but potential conflict in the Middle East remains a threat to inflation and supply chain. Although the risk of recession has receded, it remains a threat for now due to macro-economic factors.

We expect the current economic climate and it's impact on fashion to continue over the next 2-3 years. The fashion industry is also experiencing challenges relating to climate control, ranging from reduction of carbon foot print to use of recyclable materials.

The Board continues to be proactive, negotiating prices with the current supplier base and looking for cheaper alternatives without compromising quality. Similarly, the Board is also exploring the use of sustainable fabric, use of recyclable packaging and "close to home suppliers".

The Group will continue to monitor the market closely, seek growth opportunities in new product categories, new customer accounts and new geographical markets. The Board is of the opinion that the Group is well placed to cope with the uncertainties and current market conditions.

The Board continues to look for suitable retail opportunities and E-Commerce growth as part of a 3 year plan.

PRINCIPAL RISKS AND UNCERTAINTIES
The UK fashion market remains sensitive to consumer confidence, job security and the housing market. Consumer spending seems to have been affected by recent economic uncertainties and is expected to continue into the next 2-3 years, which is likely to impact on both the volume of sales and the price achieved. However, the market is closely monitored by the Board.

The group is exposed to fluctuations in foreign exchange on purchases. The group aims to minimise the impact using foreign currency instruments such as forward currency contracts.

The group continues to mitigate its exposure to credit risk by insuring a majority of the business. The remaining exposure is managed by close monitoring of customers and market conditions by the Credit Control Department.

The main financial instruments held by the group are trade debtors, trade creditors, cash and foreign currency contracts.

The Group maintains and regularly reviews internal controls to minimise the risk of fraud.

KEY PERFORMANCE INDICATORS
Throughout the year, regular review of the group's key performance indicators (KPI) are performed by management. These KPIs are monitored monthly and compared with performance expected within the budget and prior year achievements.

The key KPI's for the business include sales growth, gross margin and profit before tax.

During the year group revenue reduced from £17.2m to £16.2m however profit before tax remained at £1m.


Luke Roper Limited (Registered number: 06447697)

Strategic Report
for the Year Ended 31 January 2024

EMPLOYEES
The Group aims to recruit excellent candidates and has an active retention policy including appropriate training, annual appraisals, advancement opportunities and exit interviews. Employees are also kept informed through regular meetings and encouraged to contribute.

The Group is committed to the principle of equality and diversity in all areas of recruitment, employment, training and promotion.

ON BEHALF OF THE BOARD:





S J Poole - Director


13 August 2024

Luke Roper Limited (Registered number: 06447697)

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
1250 - 31 October 2023
600 - 31 January 2024
1850

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 555,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

S J Poole
Mrs D Poole
L J Roper

POLITICAL DONATIONS AND EXPENDITURE
The Company made charitable donations totalling £4,823 in the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Luke Roper Limited (Registered number: 06447697)

Report of the Directors
for the Year Ended 31 January 2024


AUDITORS
The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S J Poole - Director


13 August 2024

Report of the Independent Auditors to the Members of
Luke Roper Limited

Opinion
We have audited the financial statements of Luke Roper Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its 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 opinion
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 company 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 opinion.

Conclusions relating to going concern
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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Luke Roper Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 four, 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 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.

Report of the Independent Auditors to the Members of
Luke Roper Limited


Auditors' 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 a Report of the Auditors 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:

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:

Identifying and assessing potential risks related to irregularities.

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:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

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

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they 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;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

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 relation to revenue recognition. 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 frameworks that the Company 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 and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

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 as having a direct effect on the financial statements;


Report of the Independent Auditors to the Members of
Luke Roper Limited

- enquiring of management concerning 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;

- reading minutes of meetings of those charged with governance
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; 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 including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Martin Crooke FCCA (Senior Statutory Auditor)
for and on behalf of Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

19 August 2024

Luke Roper Limited (Registered number: 06447697)

Income Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 14,368,889 15,461,310

Cost of sales 9,544,987 10,713,757
GROSS PROFIT 4,823,902 4,747,553

Administrative expenses 3,799,789 3,696,373
OPERATING PROFIT 4 1,024,113 1,051,180

Interest receivable and similar income 2,003 -
1,026,116 1,051,180

Interest payable and similar expenses 5 6,514 13,846
PROFIT BEFORE TAXATION 1,019,602 1,037,334

Tax on profit 6 260,668 211,976
PROFIT FOR THE FINANCIAL YEAR 758,934 825,358

Luke Roper Limited (Registered number: 06447697)

Other Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 758,934 825,358


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

758,934

825,358

Luke Roper Limited (Registered number: 06447697)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 158,213 186,844
Investments 10 405,682 424,001
563,895 610,845

CURRENT ASSETS
Stocks 11 2,165,331 3,878,071
Debtors 12 1,394,220 1,340,482
Cash at bank and in hand 3,533,743 2,592,446
7,093,294 7,810,999
CREDITORS
Amounts falling due within one year 13 2,196,909 2,458,234
NET CURRENT ASSETS 4,896,385 5,352,765
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,460,280

5,963,610

CREDITORS
Amounts falling due after more than one year 14 (60,386 ) (770,315 )

PROVISIONS FOR LIABILITIES 18 (31,278 ) (28,613 )
NET ASSETS 5,368,616 5,164,682

CAPITAL AND RESERVES
Called up share capital 19 300 300
Retained earnings 20 5,368,316 5,164,382
SHAREHOLDERS' FUNDS 5,368,616 5,164,682

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





S J Poole - Director


Luke Roper Limited (Registered number: 06447697)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 300 4,894,024 4,894,324

Changes in equity
Dividends - (555,000 ) (555,000 )
Total comprehensive income - 825,358 825,358
Balance at 31 January 2023 300 5,164,382 5,164,682

Changes in equity
Dividends - (555,000 ) (555,000 )
Total comprehensive income - 758,934 758,934
Balance at 31 January 2024 300 5,368,316 5,368,616

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Luke Roper Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 50% on cost and 20% on cost
Fixtures and fittings - 33.3% on cost, 20% on cost and straight line over 6 years
Motor vehicles - 33.3% on cost
Office equipment - 50% on cost, 33.3% on cost and 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,193,502 968,907
Social security costs 109,828 85,788
Other pension costs 30,240 28,083
1,333,570 1,082,778

The average number of employees during the year was as follows:
2024 2023

Managers 3 3
Production 33 32
36 35

2024 2023
£    £   
Directors' remuneration 28,665 27,180

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Operating leases 490,912 508,975
Depreciation - owned assets 71,550 51,713
Patents and licences amortisation - 1,309
Auditors' remuneration 16,000 15,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Exchange rate movement 6,514 13,846

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 258,003 192,386

Deferred tax 2,665 19,590
Tax on profit 260,668 211,976

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 555,000 555,000

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

8. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 445,000 13,280 458,280
AMORTISATION
At 1 February 2023
and 31 January 2024 445,000 13,280 458,280
NET BOOK VALUE
At 31 January 2024 - - -
At 31 January 2023 - - -

9. TANGIBLE FIXED ASSETS
Fixtures
Long Property and
leasehold improvements fittings
£    £    £   
COST
At 1 February 2023 23,470 78,276 183,091
Additions - - 30,844
At 31 January 2024 23,470 78,276 213,935
DEPRECIATION
At 1 February 2023 23,470 78,275 113,291
Charge for year - - 18,637
At 31 January 2024 23,470 78,275 131,928
NET BOOK VALUE
At 31 January 2024 - 1 82,007
At 31 January 2023 - 1 69,800

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 206,529 142,404 633,770
Additions - 12,075 42,919
At 31 January 2024 206,529 154,479 676,689
DEPRECIATION
At 1 February 2023 112,092 119,798 446,926
Charge for year 46,618 6,295 71,550
At 31 January 2024 158,710 126,093 518,476
NET BOOK VALUE
At 31 January 2024 47,819 28,386 158,213
At 31 January 2023 94,437 22,606 186,844

10. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 1 424,000 424,001
Impairments - (18,319 ) (18,319 )
At 31 January 2024 1 405,681 405,682
NET BOOK VALUE
At 31 January 2024 1 405,681 405,682
At 31 January 2023 1 424,000 424,001

Cost or valuation at 31 January 2024 is represented by:

Shares in
group Unlisted
undertakings investments Totals
£    £    £   
Valuation in 2024 - (18,319 ) (18,319 )
Cost 1 424,000 424,001
1 405,681 405,682

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

10. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 500,000 500,000

Fixed asset investments were valued on an open market basis on 31 January 2024 by Rathbones .

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Luke Roper Retail Limited
Registered office:
Nature of business: Retail sale of clothing
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 584,525 424,984
Profit for the year 159,541 81,127

11. STOCKS
2024 2023
£    £   
Stocks 1,781,859 3,099,293
Goods in transit 383,472 778,778
2,165,331 3,878,071

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,210,176 1,083,090
Amounts owed by group undertakings 77,397 73,296
Other debtors 44,321 44,821
Sundry debtors and prepayments 62,326 139,275
1,394,220 1,340,482

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 222,726 200,000
Hire purchase contracts (see note 16) 10,021 10,021
Trade creditors 863,334 1,180,604
Corporation tax 85,321 147,318
Social security and other taxes 58,883 39,334
Wages control account (10,187 ) (10,000 )
VAT 290,126 279,087
Other creditors 45,634 757
Sundry creditors and accruals 627,533 582,451
Directors' loan accounts 3,518 28,662
2,196,909 2,458,234

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) - 700,000
Hire purchase contracts (see note 16) 60,386 70,315
60,386 770,315

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 222,726 200,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 200,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 500,000

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 10,021 10,021
Between one and five years 60,386 70,315
70,407 80,336

17. SECURED DEBTS

HSBC bank holds a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 3 March 2008.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 31,278 28,613

Deferred
tax
£   
Balance at 1 February 2023 28,613
Movement in year 2,665
Balance at 31 January 2024 31,278

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300

20. RESERVES
Retained
earnings
£   

At 1 February 2023 5,164,382
Profit for the year 758,934
Dividends (555,000 )
At 31 January 2024 5,368,316

Luke Roper Limited (Registered number: 06447697)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

21. ULTIMATE PARENT COMPANY

Luke Roper Holdings Limited is regarded by the directors as being the company's ultimate parent company.

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 16,858 16,858

23. RELATED PARTY DISCLOSURES

On 10 January 2014 the company became a wholly owned subsidiary of Luke Roper Holdings Limited.

Mr S J Poole, Mrs D Poole and Mr L J Roper who are directors of Luke Roper Limited are also directors and shareholders of Luke Roper Holdings Limited.

Included within debtors, is an amount of £76,015 (2023 creditor : £72,415) due to Luke Roper Retail Limited. Luke Roper Retail Limited is a wholly owned subsidiary of Luke Roper Limited.

Also included within debtors is an amount of £1,382 (2023 : £882) due from Luke Roper Holdings Limited, the parent company.

The company is claiming the exemption under paragraph 33.1A of FRS102 from disclosing transactions with other wholly owned subsidiaries.

24. ULTIMATE CONTROLLING PARTY

There is no overall controlling party.