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REGISTERED NUMBER: 07104136 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Trunk Clothiers Limited

Trunk Clothiers Limited (Registered number: 07104136)






Contents of the Financial Statements
for the Year Ended 31 MAY 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Trunk Clothiers Limited (Registered number: 07104136)

Balance Sheet
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 14,358 18,072
Tangible assets 5 18,766 37,221
Investments 6 2 2
33,126 55,295

CURRENT ASSETS
Stocks 7 334,081 353,370
Debtors 8 280,159 281,195
Cash at bank and in hand 91,167 56,113
705,407 690,678
CREDITORS
Amounts falling due within one year 9 (547,114 ) (546,712 )
NET CURRENT ASSETS 158,293 143,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

191,419

199,261

CREDITORS
Amounts falling due after more than one
year

10

(122,802

)

(173,879

)

PROVISIONS FOR LIABILITIES (4,692 ) (9,305 )
NET ASSETS 63,925 16,077

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 63,923 16,075
SHAREHOLDERS' FUNDS 63,925 16,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Trunk Clothiers Limited (Registered number: 07104136)

Balance Sheet - continued
31 MAY 2024


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





M M A Klingberg - Director


Trunk Clothiers Limited (Registered number: 07104136)

Notes to the Financial Statements
for the Year Ended 31 MAY 2024

1. STATUTORY INFORMATION

Trunk Clothiers Limited is a private company, limited by shares, registered in England and Wales, registration number 07104136.The registered office is Solar House, PF 915 High Road, North Finchley, London N12 8QJ.

The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1.

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.

Preparation of consolidated financial statements
The financial statements contain information about Trunk Clothiers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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 straight line and reducing balance basis.

Depreciation is provided on the following basis:
Short leasehold - 10% on cost
Improvements to property - 20% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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 the Profit and loss account.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Trunk Clothiers Limited (Registered number: 07104136)

Notes to the Financial Statements - continued
for the Year Ended 31 MAY 2024

2. ACCOUNTING POLICIES - continued

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 FIFO basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company has entered into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors, creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is fund, an impairment loss is recognised in the profit and loss.

Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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:

1.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
2.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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Operating leases
Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Pension costs
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Interest income
Interest income is recognised in the Profit and loss account using the effective interest method.

Trunk Clothiers Limited (Registered number: 07104136)

Notes to the Financial Statements - continued
for the Year Ended 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the Profit and loss account 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.

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.

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

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 AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 June 2023
and 31 May 2024 37,147
AMORTISATION
At 1 June 2023 19,075
Amortisation for year 3,714
At 31 May 2024 22,789
NET BOOK VALUE
At 31 May 2024 14,358
At 31 May 2023 18,072

Trunk Clothiers Limited (Registered number: 07104136)

Notes to the Financial Statements - continued
for the Year Ended 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 June 2023 3,598 53,315 26,512
Additions - - -
Disposals - - -
At 31 May 2024 3,598 53,315 26,512
DEPRECIATION
At 1 June 2023 3,598 53,315 26,122
Charge for year - - 292
Eliminated on disposal - - -
At 31 May 2024 3,598 53,315 26,414
NET BOOK VALUE
At 31 May 2024 - - 98
At 31 May 2023 - - 390

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 43,569 78,848 205,842
Additions - 1,358 1,358
Disposals - (1,107 ) (1,107 )
At 31 May 2024 43,569 79,099 206,093
DEPRECIATION
At 1 June 2023 42,760 42,826 168,621
Charge for year 736 18,785 19,813
Eliminated on disposal - (1,107 ) (1,107 )
At 31 May 2024 43,496 60,504 187,327
NET BOOK VALUE
At 31 May 2024 73 18,595 18,766
At 31 May 2023 809 36,022 37,221

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 2
NET BOOK VALUE
At 31 May 2024 2
At 31 May 2023 2

Trunk Clothiers Limited (Registered number: 07104136)

Notes to the Financial Statements - continued
for the Year Ended 31 MAY 2024

6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Trunk AG
Registered office: Dufourstrasse 90, 8008 Zürich, Switzerland
Nature of business: This is the same as Trunk UK
%
Class of shares: holding
Ordinary 100.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 204,602 150,333
Profit for the year 74,410 54,269

7. STOCKS
31.5.24 31.5.23
£    £   
Stocks 334,081 353,370

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 68,331 63,410
Amounts owed by group undertakings 121,552 168,977
Other debtors 90,276 48,808
280,159 281,195

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 11) 51,080 50,827
Trade creditors 221,222 253,273
Taxation and social security 84,933 83,724
Other creditors 189,879 158,888
547,114 546,712

Bank loans represent loan from HSBC of £51,080 (2023 : £50,827) due within one year. These loans have fixed and floating charge over all assets of company.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans > 1 year 122,802 173,879

Bank loans represent loan from HSBC of £122,802 (2023 : £173,879) due after more than one year. These loans have fixed and floating charge over all assets of company.

11. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due within one year or on demand:
Bank loans < 1 year 51,080 50,827

Trunk Clothiers Limited (Registered number: 07104136)

Notes to the Financial Statements - continued
for the Year Ended 31 MAY 2024

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 25,400 25,400
Between one and five years 2,117 27,517
27,517 52,917