Registered number:
For the year ended
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Continental Textiles (Group) Limited
Company Information
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Continental Textiles (Group) Limited
Contents
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Continental Textiles (Group) Limited
Group strategic report
For the year ended 31 December 2023
This strategic report provides an overview of the Group's performance and key developments during the year ended 31 December 2023. The report focuses on financial performance, market trends, and the Group's overall strategy. Additionally, it outlines the Group's goals for the future and highlights areas for improvement.
The principal activity of the business is importing garments, accessories and footwear under company and customer’s brands.
The company's turnover for the year decreased to £10,883,473 from £13,133,589 in the previous year. The Gross Profit decreased to £3,174,989 from £4,454,622 in the previous year. The Gross Profit Margin reduced to 29.17% from 33.92% in the previous year. The figures are in line with expectation, they reflect the challenging business environment and strategic shift in business model. Principal risks and uncertainties Economic uncertainty continued to affect consumer spending patterns, resulting in reduced sales across key outlets and stock levels remaining high. The shift towards B2C marketplace online selling reflects broader changes in consumer preferences, technological adoption, and market dynamics. The company are managing a transition strategy from a B2B to a hybrid B2C business model to achieve sustainable long-term growth. This shift will enable the company to diversify revenue streams, tap into larger markets and increase brand recognition. A short-term reduction in margins during the transition to a B2C model is an expected outcome. It reflects necessary investments and increases in operational costs. The B2C model involves increased stock holdings in multiple locations selling on multiple platforms, increasing operational complexities. Technological advancements including integrations with customers and 3PL present opportunity for growth and efficiency but also require the company to adapt to new software and processes in the short team. The company initiated a significant upgrade of its ERP software to enhance efficiency and accuracy whilst also enabling future integrations with both customer and 3PL software. Focussed on key areas, this is a strategic necessity and a crucial investment in our future growth.
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Continental Textiles (Group) Limited
Group strategic report (continued)
For the year ended 31 December 2023
Customer: The company seeks to nurture and retain its customer base while pursuing a global growth strategy across B2C and B2B environments.
Product: The utilisation of strong brand identities whilst raising awareness of all brands through an elevated marketing strategy. Digital Efficiencies: The focus continues to be on leveraging technology to streamline processes and enhance overall performance.
The Group's key financial performance indicators during the year were as follows:
Management continue to monitor both financial and non-financial KPIs.
Non-financial KPIs include:
∙Sales analysis including returns and sell through rates
∙Shipping analysis including carrier performance metrics
∙Logistics including dispatch and return processing
∙Marketing including social media engagement
This report was approved by the board and signed on its behalf.
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Continental Textiles (Group) Limited
Directors' report
For the year ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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.
The profit for the year, after taxation, amounted to £536,741 (2022 -£1,587,849).
Dividends of £600,000 (2022: £1,097,500) were paid during the year.
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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Continental Textiles (Group) Limited
Directors' report (continued)
For the year ended 31 December 2023
In 2023 the company launched a direct to consumer website for its leading brand South Beach. This will be followed by the launch of a further direct to consumer website for the Loungeable brand in 2024. Both channels offer a variety of benefits and opportunities including building brand awareness and presence both in the UK and internationally whilst retaining control of the product and price.
The company’s brands are proceeding to launch on new 3rd party marketplace platforms and territories in 2024, expanding the product offering in the UK and European markets.
There have been no significant events affecting the Group since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Continental Textiles (Group) Limited
Independent Auditors' Report to the Members of Continental Textiles (Group) Limited
We have audited the financial statements of Continental Textiles (Group) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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Continental Textiles (Group) Limited
Independent Auditors' Report to the Members of Continental Textiles (Group) Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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 an Auditors' report 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 Group financial statements.
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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
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Continental Textiles (Group) Limited
Independent Auditors' Report to the Members of Continental Textiles (Group) Limited (continued)
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and 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 and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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Continental Textiles (Group) Limited
Independent Auditors' Report to the Members of Continental Textiles (Group) Limited (continued)
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 Auditors' 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 an Auditors' report 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
Chartered Accountants
Statutory Auditors
3 Exchange Square
Railway Road
Stockport
Cheshire
SK1 3GG
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Continental Textiles (Group) Limited
Consolidated statement of comprehensive income
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Registered number: 08603972
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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Continental Textiles (Group) Limited
Registered number: 08603972
Company balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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Continental Textiles (Group) Limited
Consolidated statement of changes in equity
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Company statement of changes in equity
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Consolidated statement of cash flows
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Consolidated Analysis of Net Debt
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
Continental Textiles (Group) Limited is a private company limited by share capital and incorporated in England. The company registration number is 08603972. The address of the registered office and principal place of business is 3 Avocado Court, Commerce Way, Trafford Park, Manchester, M17 1HW.
The nature of the group's operations and its principal activity is the wholesale of clothing and footwear. The Group consists of Continental Textiles (Group) Limited and all its subsidiaries.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis, over 10 years, to the Consolidated statement of comprehensive income over its useful economic life.
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
The directors believe that judgements, estimate and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year.
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
The whole of the turnover is attributable to the principal activity of the group, as described in note 1.
Analysis of turnover by country of destination:
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
There are currently no factors that will affect future tax charges
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
On 14th February 2020 a bank loan totalling £840,000 was taken out and is secured by means of charges over the Group's freehold property. The related interest rate is 3.15% until February 2025. The loan is repaid on a monthly basis.
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
Profit and loss account
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Continental Textiles (Group) Limited
Notes to the financial statements
For the year ended 31 December 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £43,183 (2022: £41,337). £3,660 (2022: Nil) was payable to the fund at the balance sheet date and is included in creditors.
25.Guarantees
All companies in the group headed by Continental Textiles (Group) Limited have entered into a guarantee with the bankers of the subsidiary company, which secures the debts of the company over all the assets of the group.
As at 31 December 2023, such debts amounted to £549,277 (2022: £587,747).
The company is under the ultimate control of the directors by virtue of their shareholding in the company.
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