Year Ended
Registration number:
Tilley Endurables Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 02992823
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Going concern
The financial statements have been prepared on a going concern basis. The group has remained profitable, and with continued shareholder support, the directors have concluded that the going concern basis is appropriate. This conclusion is further supported by the independent audit report signed on 12 June 2024, which was unqualified and not modified.
Management has thoroughly assessed the company's financial position and future prospects, considering various key factors. In 2023, the company's ecommerce business achieved significant growth, expanding by 23%, while the European wholesale market experienced a 12% increase in net sales. However, UK wholesale sales decreased compared to prior years. Despite this decline, the company maintained overall profitability consistent with previous years, demonstrating the resilience of its diversified business model.
Looking ahead, the company aims to continue positive trends in Ecommerce and European wholesale expansion. As of May 24, the management accounts for Ecommerce sales indicate a 40% year-to-date growth compared to the same period last year with the introduction of limited apparel collections and strategic fulfilment collaboration with the Canadian entity. This promising trend highlights the potential for further expansion and increased product offerings into the direct-to-consumer markets.
The company remains a critical component of the Tilley Endurables group, contributing 10% of the group's global net sales. This underscores the company's significance within the group’s overall strategy. The parent company continues to provide substantial support through funding, administrative resources, and sales assistance, bolstering the company’s competitive edge.
Given the positive growth trajectory of both the ecommerce and European wholesale businesses, the ongoing support from the parent company, and the continuous improvement of product distribution channels, the company is confident in its ability to continue as a going concern. This assessment is based on information available up to June 7, 2024. However, unforeseen events or significant changes in market conditions may impact the company's performance and financial stability. Management will continue to monitor the business environment closely and adjust strategies as necessary.
Foreign currency transactions and balances
Transactions in Euros are translated into sterling at the rate prevailing at the beginning of the month in which the transaction takes place, to give materially the same result as if the actual exchange rate were used. Assets in Euros are translated into sterling at the rate of exchange ruling at the balance sheet date. Any exchange differences arising at the balance sheet date are reflected in the profit or loss account.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2023
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% on cost |
Office equipment |
33% on cost |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period which they relate.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
- |
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Additions |
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Disposals |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
- |
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Included within the net book value of land and buildings above is £21,787 (2022 - £Nil) in respect of long leasehold land and buildings.
Stocks |
2023 |
2022 |
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Other inventories |
145,368 |
440,180 |
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Trade creditors |
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Amounts due to group undertakings |
- |
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Corporation tax |
18,795 |
16,619 |
Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Related party transactions |
Summary of transactions with parent
At 31 December 2023, the company was owed £220,002 (2022: £-111,834) by Tilley Endurables Inc. Disclosed as amounts due to/from group undertakings in the debtors and creditors notes.
On 22 April 2015 the company entered into a cross corporate guarantee in favour of Filefigure 30 Limited to guarantee on a joint and several basis the liabilities of the ultimate parent company Tilley Endurables, Inc. under a debenture. This was amended on 20 December 2019 to extend the maturity date to 1 May 2022.
On 26 November 2015 the company entered into a further cross corporate guarantee in favour of Bank Montreal to guarantee on a joint and several basis the liabilities of the ultimate parent company Tilley Endurables, Inc. under a debenture. This was most recently updated in December 2019.
On 25 July 2018, Gibraltar Brands Inc. purchased Tilley Endurables, Inc. from Hilco Capital Limited which included a transfer of the debt held to Gibraltar Brands, Inc.
Tilley Endurables Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The controlling party is
Audit report |
Secured Debts |
Bank of Montreal hold charges over the company's bank accounts, leasehold property and assignment of insurance. These were created on 26 November 2015. These were most recently updated on 30 January 2019.