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Registration number: 13026591

Troy Lee Designs Ltd

and Filleted Financial Statements

for the Period from 1 January 2023 to 30 September 2023

 

Troy Lee Designs Ltd

Contents

Statement of Directors' Responsibilities

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Troy Lee Designs Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing the directors report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Troy Lee Designs Ltd

(Registration number: 13026591)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

2,553,594

952,006

Debtors

5

303,726

52,465

Cash at bank and in hand

 

28,966

334,150

 

2,886,286

1,338,621

Creditors: Amounts falling due within one year

6

(64,027)

(67,461)

Total assets less current liabilities

 

2,822,259

1,271,160

Creditors: Amounts falling due after more than one year

6

(3,661,022)

(1,671,956)

Net liabilities

 

(838,763)

(400,796)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(838,764)

(400,797)

Shareholders' deficit

 

(838,763)

(400,796)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 


W Keefe
Director

 

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit E1 Hilton Park
Church Farm Lane
East Wittering
Chichester
West Sussex
PO20 8RC

Principal activity

The principal activity of the company is that of the wholesale of clothing and footwear.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 September 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 September 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 3).

These employees are all the registered directors of the company and they received no remuneration from the company within the period.

4

Stocks

2023
£

2022
£

Finished goods and goods for resale

2,553,594

952,006

 

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 September 2023 (continued)

5

Debtors

2023
£

2022
£

Other debtors

271,119

22,854

Prepayments

32,607

29,611

303,726

52,465

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

18

28,850

Accruals

62,606

36,862

Other creditors

1,403

1,749

64,027

67,461

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3,661,022

1,671,956

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 September 2023 (continued)

8

Summary audit opinion

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 auditors report for the period dated was qualified as follows:
In our opinion, except for the possible effects of the matter described in the basis for the qualified
opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its
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 qualified opinion
The company purchased a large quantity of stock items immediately prior to year end, which restricted the company's ability to complete an accurate stock take. As such we are unable to satisfy ourselves regarding the completeness and existence of stock that was included in the balance sheet at a value of £2,553,594 at 30 September 2023. Additionally, the year ended 31 December 2021 was the company's first year of audit, and so we were unable to attend the stock take at that date. We have been unable to confirm the completeness and existence of stock at 31 December 2021, included in the balance sheet at a value of £408,856 by alternative procedures. Similarly, we were unable to satisfy ourselves that the cost of sales, disclosed within the financial statements as £653,096 in the current period and £538,908 the prior year is not without material misstatement.

The auditor's report for the year is dated 18/09/24

The senior statutory auditor was Valerie Doyle.

The auditor was Westcotts (SW) LLP, of Plym House, 3 Longbridge Road, Plymouth, Devon, United
Kingdom, PL6 8LT
.
 

9

Parent and ultimate parent undertaking

Controlling party

The controlling party is the parent company, Troy Lee Designs LLC, whose registered office is 155 East Rincon Street, Corona, Ca 92879 USA, who became the parent company on 7th March 2022. The ultimate parent company is 2 Ride Holding SAS, whose registered office is 110 Rte de la Valentine, 13011 Marseille, France.