Company Registration No. 06899998 (England and Wales)
True Religion Brand Jeans U.K. Limited
Financial statements
For the period ended 3 February 2024
Pages for filing with registrar
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
BALANCE SHEET
AS AT
3 FEBRUARY 2024
03 February 2024
- 1 -
3 February 2024
28 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
87,729
95,448
Current assets
Debtors
5
5,413,706
5,338,542
Cash at bank and in hand
210,848
407,273
5,624,554
5,745,815
Creditors: amounts falling due within one year
6
(327,854)
(965,275)
Net current assets
5,296,700
4,780,540
Net assets
5,384,429
4,875,988
Capital and reserves
Called up share capital
7
2,834,061
2,834,061
Profit and loss reserves
2,550,368
2,041,927
Total equity
5,384,429
4,875,988
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
M Buckley
Director
Company registration number 06899998 (England and Wales)
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
True Religion Brand Jeans U.K. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 118 Commercial Street, Spitalfields, London, E1 6NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for designer clothing provided in the normal course of business, and is shown net of VAT and other sales related taxes.
The company uses the industry standard NRF 4-5-4 calendar each year.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on sale of the goods), the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over the length of the lease
Fixtures, fittings & equipment
5 years Straight line
Computer equipment
3 years Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of 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 estimate is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
5
6
4
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 29 January 2023
84,565
51,427
20,001
155,993
Additions
2,374
2,374
At 3 February 2024
84,565
53,801
20,001
158,367
Depreciation and impairment
At 29 January 2023
4,064
36,480
20,001
60,545
Depreciation charged in the period
8,382
1,711
10,093
At 3 February 2024
12,446
38,191
20,001
70,638
Carrying amount
At 3 February 2024
72,119
15,610
87,729
At 28 January 2023
80,501
14,947
95,448
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
360,281
2,377,743
Corporation tax recoverable
34,403
Amounts owed by group undertakings
4,982,519
2,869,365
Other debtors
36,503
79,689
5,413,706
5,326,797
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
5
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
11,745
Total debtors
5,413,706
5,338,542
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,449
93,324
Corporation tax
352,239
Other taxation and social security
80,644
381,225
Other creditors
237,761
138,487
327,854
965,275
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,834,061 Ordinary shares of £1 each
2,834,061
2,834,061
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sarah Yardley BSc ACA
Statutory Auditor:
MGR Weston Kay LLP
Date of audit report:
11 September 2024
TRUE RELIGION BRAND JEANS U.K. LIMITED
True Religion Brand Jeans U.K. Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 3 FEBRUARY 2024
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
71,750
71,750
Between two and five years
113,604
185,354
185,354
257,104
10
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related party disclosures' not to disclose transactions between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
11
Parent company
The parent company that draws up accounts on the smallest group of undertakings is TRLG Corporate Holdings, LLC, a company registered in the USA (5330873) by virtue of indirectly owning 100% of the share capital. The registered address is 500 W 109th Street, Suite 300, Gardena, CA 90248.
It is the belief of the directors' that there is no ultimate controlling party.