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Registered number: 05373866









EAST LONDON TEXTILES LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
EAST LONDON TEXTILES LIMITED
REGISTERED NUMBER: 05373866

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,055,863
1,215,500

Investments
 5 
75,000
75,000

  
1,130,863
1,290,500

Current assets
  

Stocks
 6 
278,375
509,625

Debtors: amounts falling due after more than one year
 7 
189,973
200,000

Debtors: amounts falling due within one year
 7 
3,442,333
2,947,213

Cash at bank and in hand
  
109,139
537,072

  
4,019,820
4,193,910

Creditors: amounts falling due within one year
 8 
(2,526,076)
(1,652,647)

Net current assets
  
 
 
1,493,744
 
 
2,541,263

Total assets less current liabilities
  
2,624,607
3,831,763

Creditors: amounts falling due after more than one year
 9 
(604,185)
(917,457)

Provisions for liabilities
  

Deferred tax
  
(261,816)
(301,588)

Net assets
  
1,758,606
2,612,718


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,758,506
2,612,618

  
1,758,606
2,612,718


Page 1

 
EAST LONDON TEXTILES LIMITED
REGISTERED NUMBER: 05373866
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.




Marek Lewonowski
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

East London Textiles Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Unit G4, Gallman's End Farm, Manor Road, Abridge, Essex, England, RM4 1NA.
The Company's principal activity during the year continued to be that of the export of second hand clothing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the ability of the Company to continue as a Going Concern. In making their assessment the directors have prepared and critically reviewed the Company's cash flow forecast for the next 12 months and ensured that this forecast is modelled on a suitably cautious.
Based on these forecasts the directors have been able to conclude that it is still appropriate to prepare the financial statements on a Going Concern basis.

 
2.3

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.
The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company’s sales channels have been met, as described below:
The Company exports second hand clothing and provides these goods to both domestic and international customers.
Revenue is recognised when the Company has despatched the clothing to the customer. The risks and rewards of the product are considered to have been transferred to either the customer or to a third party when the products have been despatched from the Company's warehouse.
All sales are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue.

Page 3

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.12

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 5

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.13

Employee benefits

The Company provides a range of benefits to employees, including paid holiday arrangements and a defined contribution pension plan.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Termination benefits
The Company is committed, by legislation and/or contractual obligations, to make payments to employees when the company terminates their employment. Such payments are termination benefits. Because termination benefits do not provide the Company with future economic benefits, the Company recognises these as an expense in the statement of income and retained earnings immediately. The Company will only recognise termination benefits as a liability and an expense when the company is demonstrably committed to terminate the employment of an employee or group of employees before the normal retirement date.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis.

Depreciation is provided on the following basis:

Leasehold property improvements
-
2%
Straight line
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 6

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 7

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
96,595
828,422
1,346,954
12,763
30,801
2,315,535


Additions
-
39,619
175,751
1,525
-
216,895


Disposals
(1,603)
(9,475)
(166,987)
-
-
(178,065)



At 31 March 2024

94,992
858,566
1,355,718
14,288
30,801
2,354,365



Depreciation


At 1 April 2023
13,523
399,875
656,690
12,042
17,905
1,100,035


Charge for the year on owned assets
1,932
29,653
74,979
212
3,224
110,000


Charge for the year on financed assets
-
85,371
120,541
-
-
205,912


Disposals
-
(7,742)
(109,703)
-
-
(117,445)



At 31 March 2024

15,455
507,157
742,507
12,254
21,129
1,298,502



Net book value



At 31 March 2024
79,537
351,409
613,211
2,034
9,672
1,055,863



At 31 March 2023
83,072
428,547
690,264
721
12,896
1,215,500

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
258,853
274,210

Motor vehicles
437,244
493,470

696,097
767,680

Page 8

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
135,000



At 31 March 2024

135,000



Impairment


At 1 April 2023
60,000



At 31 March 2024

60,000



Net book value



At 31 March 2024
75,000



At 31 March 2023
75,000


6.


Stocks

2024
2023
£
£

Raw materials and consumables
278,375
509,625


Stock recognised in cost of sales during the year as an expenses was £4,682,020 (2023 - £3,694,727).

Page 9

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
189,973
200,000


2024
2023
£
£

Due within one year

Trade debtors
1,356,953
1,304,167

Amounts owed by group companies
1,431,841
1,187,003

Other debtors
400,898
291,600

Prepayments and accrued income
252,641
164,443

3,442,333
2,947,213



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
233,400
253,600

Trade creditors
1,440,115
766,982

Corporation tax
73,348
23,463

Obligations under finance lease and hire purchase contracts
232,951
270,350

Other creditors
441,267
308,308

Accruals and deferred income
104,995
29,944

2,526,076
1,652,647



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
225,112
458,567

Net obligations under finance leases and hire purchase contracts
379,073
458,890

604,185
917,457


Net obligations under finance leases and hire purchase contracts and bank loans are secured.

Page 10

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
233,400
253,600

Amounts falling due 1-2 years

Bank loans
192,945
233,400

Amounts falling due 2-5 years

Bank loans
32,167
225,167


458,512
712,167



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
232,951
270,350

Between 1-2 years
150,875
201,343

Between 2-5 years
228,198
257,547

612,024
729,240

Page 11

 
EAST LONDON TEXTILES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(301,588)
(240,191)


Charged to profit or loss
39,772
(61,397)



At end of year
(261,816)
(301,588)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(261,816)
(301,588)

(261,816)
(301,588)


13.


Related party transactions

Included within other creditors at the year end are amounts owed to the director totalling £6,826 (2023 - £2,795).
Included within other creditors at the year end are amounts totalling £2,552 (
2023 - £2,552) owed to a former director.
Included within other debtors at the year end are amounts totalling £481,007 (
2023 - £880,000) owed by fellow subsidiary companies that are not wholly owned within the group.
The directors have personally guaranteed certain creditors of the company.
Advantage has been taken of the exemption available under section 33.1A of FRS 102 not to disclose
transactions with the companies that are wholly owned within the group.


14.


Controlling party

The ultimate parent company is Green Sequoia Limited. The ultimate controlling party is Marek Lewonowski.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 5 September 2024 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 12