REGISTERED NUMBER: 08840820 (England and Wales) |
Luke Roper Holdings Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
REGISTERED NUMBER: 08840820 (England and Wales) |
Luke Roper Holdings Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
Luke Roper Holdings Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
4 Pavilion Court |
600 Pavilion Drive |
Northampton Business Park |
Northampton |
Northamptonshire |
NN4 7SL |
Luke Roper Holdings Limited (Registered number: 08840820) |
Group Strategic Report |
for the Year Ended 31 January 2024 |
The directors present their strategic report of the company and the group 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 Holdings Limited (Registered number: 08840820) |
Group 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: |
Luke Roper Holdings Limited (Registered number: 08840820) |
Report of the Directors |
for the Year Ended 31 January 2024 |
The directors present their report with the financial statements of the company and the group 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. |
POLITICAL DONATIONS AND EXPENDITURE |
Charitable donations made in the year total £4,823. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
Luke Roper Holdings Limited (Registered number: 08840820) |
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: |
Report of the Independent Auditors to the Members of |
Luke Roper Holdings Limited |
Opinion |
We have audited the financial statements of Luke Roper Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 January 2024 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 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 group 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 group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 Holdings Limited |
Matters on which we are required to report by exception |
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 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 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 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 group's and the parent 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 group or the parent 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 Holdings 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: |
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; |
- 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; |
Report of the Independent Auditors to the Members of |
Luke Roper Holdings Limited |
- 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. |
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. |
for and on behalf of |
Statutory Auditor |
4 Pavilion Court |
600 Pavilion Drive |
Northampton Business Park |
Northampton |
Northamptonshire |
NN4 7SL |
Luke Roper Holdings Limited (Registered number: 08840820) |
Consolidated |
Income Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 16,240,707 | 17,186,025 |
Cost of sales | 8,251,522 | 9,217,401 |
GROSS PROFIT | 7,989,185 | 7,968,624 |
Administrative expenses | 6,943,202 | 6,934,768 |
1,045,983 | 1,033,856 |
Other operating income | - | 606 |
OPERATING PROFIT | 4 | 1,045,983 | 1,034,462 |
Interest receivable and similar income | 4,851 | - |
1,050,834 | 1,034,462 |
Interest payable and similar expenses | 5 | 6,514 | 13,846 |
PROFIT BEFORE TAXATION | 1,044,320 | 1,020,616 |
Tax on profit | 6 | 318,706 | 232,304 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 725,614 | 788,312 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 725,614 | 788,312 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
725,614 |
788,312 |
Total comprehensive income attributable to: |
Owners of the parent | 725,614 | 788,312 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Consolidated Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 291,382 | 330,537 |
Investments | 11 | 405,681 | 424,000 |
697,063 | 754,537 |
CURRENT ASSETS |
Stocks | 12 | 2,574,635 | 4,431,029 |
Debtors | 13 | 1,686,607 | 1,678,159 |
Cash at bank and in hand | 3,951,393 | 2,768,923 |
8,212,635 | 8,878,111 |
CREDITORS |
Amounts falling due within one year | 14 | 3,208,763 | 3,395,063 |
NET CURRENT ASSETS | 5,003,872 | 5,483,048 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,700,935 |
6,237,585 |
CREDITORS |
Amounts falling due after more than one year | 15 | (60,386 | ) | (770,315 | ) |
PROVISIONS FOR LIABILITIES | 18 | (53,752 | ) | (51,087 | ) |
NET ASSETS | 5,586,797 | 5,416,183 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 300 | 300 |
Retained earnings | 20 | 5,586,497 | 5,415,883 |
SHAREHOLDERS' FUNDS | 5,586,797 | 5,416,183 |
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 Holdings Limited (Registered number: 08840820) |
Company Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 555,000 | 555,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Luke Roper Holdings Limited (Registered number: 08840820) |
Consolidated 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 | 5,182,571 | 5,182,871 |
Changes in equity |
Dividends | - | (555,000 | ) | (555,000 | ) |
Total comprehensive income | - | 788,312 | 788,312 |
Balance at 31 January 2023 | 300 | 5,415,883 | 5,416,183 |
Changes in equity |
Dividends | - | (555,000 | ) | (555,000 | ) |
Total comprehensive income | - | 725,614 | 725,614 |
Balance at 31 January 2024 | 300 | 5,586,497 | 5,586,797 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Company 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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Consolidated Cash Flow Statement |
for the Year Ended 31 January 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,929,767 | (2,316,603 | ) |
Interest paid | (6,514 | ) | (13,846 | ) |
Tax paid | (361,027 | ) | (297,000 | ) |
Taxation refund | - | 148,551 |
Net cash from operating activities | 2,562,226 | (2,478,898 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (117,260 | ) | (237,706 | ) |
Sale of tangible fixed assets | - | (4,988 | ) |
Interest received | 4,851 | - |
Net cash from investing activities | (112,409 | ) | (242,694 | ) |
Cash flows from financing activities |
Loan repayments in year | (677,274 | ) | (100,000 | ) |
Capital repayments in year | (9,929 | ) | 77,683 |
Amount introduced by directors | - | 555,000 |
Amount withdrawn by directors | (25,144 | ) | (579,116 | ) |
Equity dividends paid | (555,000 | ) | (555,000 | ) |
Net cash from financing activities | (1,267,347 | ) | (601,433 | ) |
Increase/(decrease) in cash and cash equivalents | 1,182,470 | (3,323,025 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,768,923 |
6,091,948 |
Cash and cash equivalents at end of year | 2 | 3,951,393 | 2,768,923 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,044,320 | 1,020,616 |
Depreciation charges | 156,024 | 183,883 |
Loss on disposal of fixed assets | - | 31,496 |
Loss on revaluation of fixed assets | 18,319 | 76,000 |
HP interest | - | 2,653 |
Finance costs | 6,514 | 13,846 |
Finance income | (4,851 | ) | - |
1,220,326 | 1,328,494 |
Decrease/(increase) in stocks | 1,856,394 | (2,677,669 | ) |
(Increase)/decrease in trade and other debtors | (8,448 | ) | 111,770 |
Decrease in trade and other creditors | (138,505 | ) | (1,079,198 | ) |
Cash generated from operations | 2,929,767 | (2,316,603 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 3,951,393 | 2,768,923 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 2,768,923 | 6,091,948 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 January 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,768,923 | 1,182,470 | 3,951,393 |
2,768,923 | 1,182,470 | 3,951,393 |
Debt |
Finance leases | (80,336 | ) | 9,929 | (70,407 | ) |
Debts falling due within 1 year | (200,000 | ) | (22,726 | ) | (222,726 | ) |
Debts falling due after 1 year | (700,000 | ) | 700,000 | - |
(980,336 | ) | 687,203 | (293,133 | ) |
Total | 1,788,587 | 1,869,673 | 3,658,260 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Luke Roper Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
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 |
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. |
Tangible fixed assets |
Property improvements | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
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 Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated 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 Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group'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 | 2,517,733 | 2,251,461 |
Social security costs | 192,386 | 159,944 |
Other pension costs | 49,593 | 42,759 |
2,759,712 | 2,454,164 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration | 13 | 13 |
Production | 23 | 22 |
Sales | 103 | 109 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 28,665 | 27,180 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Operating leases | 1,490,107 | 1,468,021 |
Depreciation - owned assets | 156,415 | 185,631 |
Loss on disposal of fixed assets | - | 31,496 |
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 | 316,041 | 223,506 |
Deferred tax | 2,665 | 8,798 |
Tax on profit | 318,706 | 232,304 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 555,000 | 555,000 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
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 | - | - | - |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Property | and |
leasehold | improvements | fittings |
£ | £ | £ |
COST |
At 1 February 2023 | 23,470 | 131,246 | 792,014 |
Additions | - | - | 76,837 |
At 31 January 2024 | 23,470 | 131,246 | 868,851 |
DEPRECIATION |
At 1 February 2023 | 23,470 | 118,536 | 623,681 |
Charge for year | - | - | 91,664 |
At 31 January 2024 | 23,470 | 118,536 | 715,345 |
NET BOOK VALUE |
At 31 January 2024 | - | 12,710 | 153,506 |
At 31 January 2023 | - | 12,710 | 168,333 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 | 236,001 | 181,127 | 1,363,858 |
Additions | 21,183 | 19,240 | 117,260 |
At 31 January 2024 | 257,184 | 200,367 | 1,481,118 |
DEPRECIATION |
At 1 February 2023 | 127,400 | 140,234 | 1,033,321 |
Charge for year | 53,347 | 11,404 | 156,415 |
At 31 January 2024 | 180,747 | 151,638 | 1,189,736 |
NET BOOK VALUE |
At 31 January 2024 | 76,437 | 48,729 | 291,382 |
At 31 January 2023 | 108,601 | 40,893 | 330,537 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 February 2023 | 424,000 |
Impairments | (18,319 | ) |
At 31 January 2024 | 405,681 |
NET BOOK VALUE |
At 31 January 2024 | 405,681 |
At 31 January 2023 | 424,000 |
Cost or valuation at 31 January 2024 is represented by: |
Unlisted |
investments |
£ |
Valuation in 2023 | (76,000 | ) |
Valuation in 2024 | (18,319 | ) |
Cost | 500,000 |
405,681 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Luke Roper Limited |
Registered office: |
Nature of business: Retail of clothing |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 5,368,316 | 5,164,382 |
Profit for the year | 758,934 | 825,358 |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 2,191,163 | 3,652,251 |
Work-in-progress | 383,472 | 778,778 |
2,574,635 | 4,431,029 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 1,219,472 | 1,105,056 |
Other debtors | 404,809 | 433,828 |
Sundry debtors and prepayments | 62,326 | 139,275 |
1,686,607 | 1,678,159 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 222,726 | 200,000 |
Hire purchase contracts (see note 17) | 10,021 | 10,021 |
Trade creditors | 1,221,242 | 1,423,059 |
Amounts owed to group undertakings | - | - |
Corporation tax | 123,870 | 168,856 |
Social security and other taxes | 82,848 | 53,562 |
Wages control account | (9,655 | ) | (10,000 | ) | - | - |
VAT | 300,938 | 287,311 | - | - |
Other creditors | 60,497 | 14,957 |
Sundry creditors and accruals | 1,192,758 | 1,218,635 | - | - |
Directors' loan accounts | 3,518 | 28,662 | - | - |
3,208,763 | 3,395,063 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 16) | - | 700,000 |
Hire purchase contracts (see note 17) | 60,386 | 70,315 |
60,386 | 770,315 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
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 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
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 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 53,752 | 51,087 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2023 | 51,087 |
Movement in year | 2,665 |
Balance at 31 January 2024 | 53,752 |
Luke Roper Holdings Limited (Registered number: 08840820) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 February 2023 | 5,415,883 |
Profit for the year | 725,614 |
Dividends | (555,000 | ) |
At 31 January 2024 | 5,586,497 |
21. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | 16,858 | 16,858 |
22. | ULTIMATE CONTROLLING PARTY |
There is no one ultimate controlling party. |