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REGISTERED NUMBER: 06734971 (England and Wales)



Financial Statements for the Year Ended 31 December 2023

for

Ghost Retail Limited

Ghost Retail Limited (Registered number: 06734971)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 8


Ghost Retail Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr T Suleyman
Mr S M Suleyman





SECRETARY: Mr. S Karunyanesan





REGISTERED OFFICE: 3rd Floor
9 Hatton Street
London
NW8 8PL





REGISTERED NUMBER: 06734971 (England and Wales)





AUDITORS: BBK Partnership
Chartered Accountants
& Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ

Ghost Retail Limited (Registered number: 06734971)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 57,502 81,688

CURRENT ASSETS
Stocks 1,456,217 1,551,408
Debtors 6 1,017,647 813,419
Cash at bank 431,138 393,766
2,905,002 2,758,593
CREDITORS
Amounts falling due within one year 7 (422,815 ) (459,994 )
NET CURRENT ASSETS 2,482,187 2,298,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,539,689

2,380,287

CREDITORS
Amounts falling due after more than one
year

8

(3,542,170

)

(3,430,642

)
NET LIABILITIES (1,002,481 ) (1,050,355 )

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 10 (1,002,482 ) (1,050,356 )
SHAREHOLDERS' FUNDS (1,002,481 ) (1,050,355 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





Mr T Suleyman - Director


Ghost Retail Limited (Registered number: 06734971)

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


1. STATUTORY INFORMATION

Ghost Retail 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, including discounts, rebates and excluding value added tax and other sales taxes. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Ghost Retail Limited (Registered number: 06734971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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

Foreign currency transactions and balances
Transactions in foreign currency are initially recorded at the functional currency rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 payables are classified as current liabilities of the company does not have an unconditional right at the end of the reporting period to refer settlements of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlements 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.

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 statement of financial position date.


Ghost Retail Limited (Registered number: 06734971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Going concern
The company's activities generated a profit of £47,874 (2022: £21,542) and has a net liability of £1,002,481 (2022: £1,050,355). The company's operational existence is still dependent on the support from its parent Ghost Brand Limited. .

After making due enquires, the directors have formed a judgement that there is a reasonable expectation that the company can secure adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due.

For this reason, the directors continue to adopt the going concern basis in preparing the financial statements. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the directors consider that, based upon the financial projections and dependent upon the success of their efforts to complete these activities, the company will be a going concern for the next twelve months.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.
Subsequently, they are measured at amortised cost using the effective interest rate method of 0%, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Ghost Retail Limited (Registered number: 06734971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 51 ) .

4. AUDITORS' REMUNERATION
31.12.23 31.12.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

4,700

4,700

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 358,486
Additions 4,303
Disposals (16,333 )
At 31 December 2023 346,456
DEPRECIATION
At 1 January 2023 276,798
Charge for year 19,209
Eliminated on disposal (7,053 )
At 31 December 2023 288,954
NET BOOK VALUE
At 31 December 2023 57,502
At 31 December 2022 81,688

Ghost Retail Limited (Registered number: 06734971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 863,399 701,348
Other debtors 154,248 112,071
1,017,647 813,419

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 71,042 187,308
Taxation and social security 203,896 176,973
Other creditors 147,877 95,713
422,815 459,994

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 1,635,438 1,501,772
Other creditors 1,906,732 1,928,870
3,542,170 3,430,642

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary 1.00 1 1

10. RESERVES
Retained
earnings
£   

At 1 January 2023 (1,050,356 )
Profit for the year 47,874
At 31 December 2023 (1,002,482 )

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suraj Shah BFP ACA FCCA (Senior Statutory Auditor)
for and on behalf of BBK Partnership

Ghost Retail Limited (Registered number: 06734971)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


12. RELATED PARTY DISCLOSURES

During the year, the company received management charges of £12,500 (2022: £12,500) from Ghost Brand Limited. These management charges relate to administrative costs. Also the company paid royalties of £144,672 (2022: £116,665) to Ghost Brand Limited for the use of the Ghost Brand.

During the year, the company received management charges of £ 250,000 (2022: £217,960) from LFG Limited.

During the year, the company paid management charges of £ 65,000 (2022: £60,000) to Low Profile Holdings Limited. These management charges relate to administrative costs.

During the year, the company paid management charges of £244,500 (2022: £18,000) to Low Profile Fashions Limited. These management charges relate to administrative costs.

During the year, the company received management charges of £95,250 (2022: £0) to Low Profile Fashions Limited. These management charges relate to administrative costs.

The company owed the amount of £1,620,234 (2022: £1,481,627) to its parent company Ghost Brand Limited which is continuing to provide financial assistance.

The company owed the amount of £ 1,782,941.42 (2022: £1,865,737) to Low Profile Fashions Limited at the year end.

The company owed the amount of £123,790.52 (2022: £63,132) to Hawes and Curtis Limited at the year end.

The company owed the amount of £15,204 (2022: £20,145) to Ghost USA Inc at the year end.

During the year, the company purchased goods to the value of £ 2,207,701.98 (2022: £2,017,963) from Low Profile Istanbul. The Company was owed £ 0 (2022: £0) from Low Profile Istanbul.

All the above companies are under the common ownership of the directors.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by Ghost Brand Limited which is the parent undertaking.

14. CHARGES

A Rent deposit deed was registered in favour of Michael David Bradley Sinclair covering all sums, whether actual or contingent under the Lease or on its expiry.The charge was satisfied on 13th April 2023.

15. POST BALANCE SHEET EVENTS

A fixed and floating charge over the undertaking and all property present and future has been registered in favour of Barclays Bank PLC delivered on 23rd May 2024.